COVID-19’s face melting rally and bitcoin above $ 20,000 are undoubtedly among the big events in 2020. And as it happens, the former has played a very significant role in the latter’s case. Which, in turn, has explained one thing. The 2017 rally was the result of retail FOMO and hysteria, while the ongoing run of bitcoin 2020 was much more robust (due to institutional involvement). And it could continue well into 2021.
But with current BTC prices tending to exceed $ 23,000, what are the future prospects for the most profitable non-recoverable asset of the outgoing decade? Here are some predictions.
DeVere Group Boss Predicts 50 percent More Onshore in 2021 From Current Rates
Nigel Green, founder, and CEO of leading financial advisory organization DeVere Group, believes bitcoin is not going to make 2018 in 2021. However, he feels that BTC will experience some disadvantages since the asset record new year, and traders would be looking to take profit. But that won’t stop the top crypto asset from growing further in value.
Of course, there will be ups and downs in the market, but leave no doubt: the longer-term price trajectory for Bitcoin is up.
Adding further, Green believes that bitcoin prices next year will jump another 50 percent from current levels.
Indeed, it could be especially beneficial as Bitcoin, I think, is likely to have another record-breaking year in 2021, with prices expected to rise by 50% and possibly double with its current momentum.
Essentially, the head of deVere Group expects BTC prices to hit the $ 30,000 – $ 40,000 range in 2021.
Bloomberg Analysts Predict $ 55,000 Price For Bitcoin In 2021
Bloomberg has been keeping a close eye on the bitcoin market for some time now. So much so that financial analysts from the media giant are periodically compiling and publishing bespoke market research / forecast pieces on bitcoin.
In their latest BTC report, they have predicted a much stronger and bullish market for bitcoin in 2021. And to what extent?
Bitcoin will maintain its tendency to move in price into 2021, in our view, with macroeconomic, technical and demand-against-supply indicators that support a $ 50,000 target resistance, suggesting about a $ 1 market cap trillion. The $ 10,000 mark has moved to a critical support level after serving as the crypto resistance mark since 2017.
Analysts agreed that BTC’s underlying tips were much stronger this year compared to 2017. This is mainly attributable to the growing inflow of corporate and institutional wealth in the bitcoin market – something that was a far-reaching prospect three years ago.
According to Bloomberg’s December bitcoin report, “BTC’s foundations are firmer than in 2017.” And according to the latest comment from Mike McGlone himself, the support price for bitcoin as it enters 2021 will be $ 20,000.
$ 20,000 #Bitcoin Transfer to Aid 2021 –
Bitcoin is on a price discovery mission and may be far from its potential apex as we approach the end of 2020. The digital version of gold is being accepted in the mainstream but is still emerging in the early days of mass adoption. pic.twitter.com/S93uDuWz2H– Mike McGlone (@ mikemcglone11) December 18, 2020
BTC will have an Average Price of $ 36,000 In 2021: Kraken’s Crypto Sentiment Survey
This year, the Kraken cryptocurrency exchange conducted two market sentiment surveys. One in March and the other in November. 72 percent of respondents (for the November survey) were traders and investors.
18 percent of the responses came from organizations (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist). And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners.
While all of them had predicted pretty decent BTC price projections for this year, almost everyone called for an average bitcoin price target of $ 36,000 next year. Some even set the median bitcoin price target at $ 25,000 for 2021.
But some predictions went a bit over the top.
Approximately 8% of respondents provided a price target greater than or equal to $ 100,000, approximately 20% of respondents indicated a price target greater than or equal to $ 50,000…
Halting-based Predictions
Anthony Pompliano Calls For $ 100,000 BTC By December 2021
Anthony ‘Pomp’ Pompliano, co-founder of Morgan Creek Capital, has been a pretty vocal bitcoin advocate in the cryptocurrency space. In an interview with CryptoPotato, Pomp discussed a wide variety of things ranging from the current state of blockchain development to bitcoin market prospects in 2021.
The bitcoin permabull noticed that the only thing governing BTC adoption is time. And while it takes time for newbies to do their research about the whole gamut of possibilities in the digital asset space, they are ultimately bitcoin.
On BTC’s price prediction for 2021, Pompliano noted that the halving would greatly boost the cryptocurrency’s price trajectory. Why? Because the math of the bitcoin code is quite simple and follows the conventional supply and demand theory.
Basic economic principles require, IF demand for an asset increases or stays the same while its supply decreases, its price should appreciate. This, among other things, inspired Pomp to project a $ 100,000 price target for BTC by December 2021. And halving is the dominant factor he considered when placing his call.
The halving will be a big moment for Bitcoin. I don’t think the price will shoot up the day after, but I think from the day we are right now, we will see Bitcoin price at $ 100,000 by December 2021.
Blockstream CSO Samson Mow repeat Pomp bitcoin’s price prediction is one of its latest tweets. But he also believes that a value above that is largely possible.
Messari Researchers Projects Bitcoin Prices At $ 276,000 In October 2021
A few months ago, Jack Purdy, a crypto researcher at digital asset market intelligence firm Messari in a tweet, observed how the price of bitcoin has been perfectly following the profit-return trend in the halving years.
Although BTC’s October 2016 price was $ 895, it went on to log 20X earnings a year later. Similar calculations made of October’s bitcoin prices this year would project a $ 276,000 price in 2021.
This is starting to get creepy…
The last two months have tracked earnings perfectly since the halving compared to the last cycle
At this point in 2016 #bitcoin was at $ 895
A year later we were up 20x 👀 pic.twitter.com/e3sjS6CgU6
– Jack Purdy (@ jpurd17) October 27, 2020
And Here’s What The Bitcoin Stock-To-Flow Propounder Has To Say
Dutch quantity analyst PlanB became famous in the cryptocurrency community and among traditional financial investment circles for its stock-to-flow (S2F) model. BTC’s latest price action appears to be following its projected model thoroughly.
PlanB first announced the S2F model in April 2019. Through it, it investigated the relationship between supply generation and current available stock, essentially calculating the value of bitcoin through shortages.
The model has successfully mapped the price of Bitcoin with high accuracy following three halving events now. This year’s halves played the same way as 2012 and 2016 so far, with a big run projected for 2021.
Now PlanB says that while a $ 23,000 BTC is ‘nice,’ it has some catching up with the S&P 500. This, in turn, makes it predict a $ 60,000 price for bitcoin in 2021.
$ 23K #bitcoin nice, but remember to have some catching up with S & P500 since Covid Stimulus / QE. The implied BTC price of S&P is $ 60K pic.twitter.com/Z6Qs5gF3gR
– PlanB (@ 100trillionUSD) December 17, 2020
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